Leading Sportswear retailer, Hanesbrands Inc. HBI, is geared to boost its presence in Europe. Its latest acquisition announcement of Champion Europe, which designs, sources and sells Champion-branded athletic apparel wholesale to retailers and consumers through 130 retail stores in Italy and Greece, is a step in this direction. The brand includes innovative and durable products for male and female athletes and teams globally.Although the exact terms of the deal were kept under wraps, the company expects to close it in mid-2016. It is an all-cash transaction which is likely to be worth 10 times the calendar 2016 earnings before taxes, interest, depreciation, and amortization and subject to cash, debt, and working capital adjustments.Hanesbrands added the Champion brand to its portfolio with the takeover of Gear for Sports in Nov 2010, and expects to consolidate the brand with the Champions Europe buyout. Hanesbrands, which owns Champion brand in the Americas, Asia and Australia regions, will be able to expand the brand with the take over of Champion Europe, which owns the trademark for Champion brand in Europe, the Middle East and Africa. Moreover, the company will have a strong foothold in Europe where it debuted with the DBApparel acquisition.The Champion Europe acquisition is expected to add more than €190 million to net sales in fiscal 2016 and operating profit of approximately €15 million, and EBITDA of roughly €20 million. Apart from this, the deal will offer a competitive advantage to the company.Post the takeover, Sauro Mambrini, present CEO and president of Champion Europe, will continue to oversee the Champion brand’s Europe operations. Champions Europe will join Hanesbrands’ Champions organization.Hanesbrands makes strategic acquisitions to strengthen its portfolio. The buyouts provide the infrastructure, capability and systems to cater to a broad spectrum of retail customers, across the entire graphic apparel market.In Apr 2015, Hanesbrands acquired the collegiate apparel maker, Knights Apparel, to boost its licensed and graphic apparel business. The company expects to fully realize the synergies from the deal in 2016. The acquisition of underwear apparel chain, Maidenform Brands Inc., in Oct 2013, added popular brands like Flexees, Lilyette, Self Expressions and Sweet Nothings to the company’s portfolio.Hanesbrands currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the textile/ apparel sector are Columbia Sports Inc. COLM, Under Armour Inc. UA and Duluth Holdings Inc. DLTH. All the three stocks carry a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UNDER ARMOUR-A (UA): Free Stock Analysis Report COLUMBIA SPORTS (COLM): Free Stock Analysis Report HANESBRANDS INC (HBI): Free Stock Analysis Report DULUTH HOLDINGS (DLTH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research